State-run insurer Life Insurance Corporation of India reported a 23% year-on-year rise in consolidated net profit for the March quarter of FY26, helped by improved operational metrics and stronger business growth.

Net profit for the quarter came in at Rs 23,467 crore compared with Rs 19,039 crore in the corresponding period last year. The insurer also announced a dividend of Rs 10 per share for shareholders.

The company’s solvency ratio — a key measure of an insurer’s financial strength — improved to 2.35% during the quarter, up from 2.11% a year ago and 2.19% in the previous quarter. However, LIC’s 13th-month persistency ratio stood at 67.77%, lower than 68.62% in the year-ago period and 69.36% in the December quarter.

Assets under management (AUM) rose 5.1% year-on-year to Rs 57.3 lakh crore, while the value of new business (VNB) surged 41.63% to Rs 14,179 crore during the quarter, indicating improved profitability in fresh business generation.

The results come amid continued investor focus on LIC’s profitability metrics, product mix and asset quality improvement. The insurer has been working on improving margins and increasing its share of non-participating products to enhance earnings quality.

R Doraiswamy, CEO & M D, LIC said, "Financial Year 2025-26 has been a satisfying year for us, with strong overall growth across every business vertical leading to record performance metrics. We have achieved a Non Par share on APE basis in our individual business of more than 35% and our VNB margin is more than 21% for the year. Our strategy of channel diversification has been successful with our Banca and Alternate Channels (BAC) having recorded a growth rate of more than 45% with premium from BAC exceeding Rs. 5,000 Crores in FY26."

He added, "With regulatory guidance, we are preparing to implement the Indian Accounting Standards (IndAS) norms and are confident about implementing within allowed regulatory time frames. We are convinced about continuing our growth journey and crossing new milestones in the coming years. As we navigate the insurance markets of India, as the leading life insurance company, in the year 2026, we remain immensely grateful to our almost 200 million policyholders for their continued trust spanning seven decades.”